Bitwise Files for First-Ever Spot XRP ETF: What’s Next for Ripple?
Bitwise, a leading crypto index fund manager, has officially filed for a spot XRP exchange-traded fund (ETF), marking a major step toward making XRP more accessible to investors. Bitwise Chief Investment Officer Matthew Hougan confirmed the filing on Tuesday, stating, “We can confirm this is a registration by us. It is a registration of a trust entity in Delaware. We can share more details and comments tomorrow.”
The Filing Details
The registration, submitted to Delaware’s Department of State on Monday, lists CSC Delaware Trust Company as the registered agent. However, it’s important to note that an XRP ETF has not yet been approved in the United States.
After Ripple Labs and the SEC reached a settlement, ending their lengthy legal battle, many experts predicted that an XRP ETF approval might soon follow. With this filing, Bitwise is positioning itself to capitalize on that possibility. Bitwise, which already manages Bitcoin and Ethereum ETFs, is now setting its sights on XRP as the next big cryptocurrency investment vehicle.
Industry Momentum Builds
The cryptocurrency market has seen substantial growth recently, especially after the approval of Bitcoin and Ethereum ETFs earlier this year. While XRP’s price hasn’t yet reacted significantly to Bitwise’s filing, it is up 9% in the past month, showing signs of recovery after an August downturn. Many believe that XRP’s price will respond in the coming days, as similar ETF news has boosted other tokens like Ethereum and Bitcoin in the past.
Could the SEC Block the Ripple XRP ETF?
Despite the momentum, there’s still uncertainty. The SEC could potentially appeal the XRP decision by the end of this week, which would put the brakes on any immediate consideration of an XRP ETF. Adding to the speculation, some believe that Solana’s SOL token could be in the running to become the next approved crypto ETF instead of XRP.
In a recent interview, Ripple CEO Brad Garlinghouse expressed confidence in the future of an XRP ETF, saying, “An XRP ETF is simply inevitable.” Garlinghouse even suggested that we might see an XRP ETF by 2025. However, if the SEC doesn’t appeal, XRP could get approval sooner, possibly within months, as more asset management firms file for XRP ETFs.
Looking Ahead
While the timeline for an XRP ETF approval remains unclear, Bitwise’s filing is just the beginning. The SEC has historically been slow to approve ETFs for cryptocurrencies like Bitcoin and Ethereum, but this latest move shows that asset managers are eager to push XRP into the mainstream investment space.
Regardless of when it happens, XRP’s inclusion in ETFs is becoming more likely, and Bitwise is sure to be one of many firms positioning themselves to take advantage.
In summary, Bitwise’s filing for a spot XRP ETF marks a significant moment for Ripple and the cryptocurrency industry. Whether the SEC will approve it soon or put up roadblocks remains to be seen, but one thing is clear: XRP is gaining traction in the investment world.
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Disclaimer: This article is for informational purposes only and does not constitute financial advice. The views expressed are those of the author and not necessarily those of CryptoInsider. Readers are encouraged to conduct their own research before making any financial decisions.
